Not risking it all for EU<\/strong><\/h6>\nGiven Europe\u2019s proximity to the conflict in Ukraine, European equity flows (-$6.5B) turned negative in March for the first time since October 2020, with the largest outflows since August 2019. Selling was led by EMEA-listed European equity ETPs ($5.5B), which registered their largest monthly net sell on record. In contrast, March outflows from US-listed European equity came in at -$1.2B, following a year of consistent allocation to the exposure and with little signs of selling out.<\/p>\n
The outflow trend has not spread across asset classes, with investors buying European fixed income in March:<\/strong> European-focused investment grade credit returned to positive territory ($0.9B in, after -$1.2B out last month), for example, helping turn flows positive. European rates buying slowed from $1.3B in February to $0.3B in March, but inflows of $0.5B into inflation linked bond ETPs represent the highest monthly allocation on record. This comes at a time when energy-driven inflation is acutely affecting European prices, while TIPS flows have also turned positive for the first time in three months ($3.0B).<\/p>\nBillions for bullions<\/strong><\/h6>\nMarch saw record inflows of $11.3B into gold ETPs \u2013 a fivefold increase on February\u2019s levels, trouncing the previous high of $9.4B set in July 2020.<\/strong> This has come amid increased safe-haven moves in the market, but the propensity to buy gold has been building \u2013 we\u2019ve seen a persistent flow trend emerge, with three consecutive inflow months for the first time since August-October 2020. Gold buying was spread across listing regions, in line with the trend YTD. So far in 2022, flows into gold ETPs total $16.3B, more than reversing 2021\u2019s net outflows of -$9.8B. Broad commodity ETPs also remained popular with investors. A further $1.8B was added in March, continuing a six-month inflow trend, albeit down month-on-month from the $4.0B added in February.<\/p>\nEnergy for the barbell<\/strong><\/h6>\nWhile investors allocated to energy ($1.7B) in March, we\u2019ve actually seen inflows across the sector spectrum \u2013 highlighting that investors are using this market volatility to build up allocations across the barbell.<\/strong> This was also reflected in factor ETPs \u2013 while value flows turned flat in March, investors continued to add to quality with a net buy of $2.2B, the largest inflow month so far in 2022. Where were investors selling in March? The financials sector (-$7.0B), which appears to have been indiscriminately punished in this round of market volatility. While March represented a record monthly outflow level from financials, this follows record monthly inflows recorded in January ($11.0B).<\/p>\nEnergy\u2019s popularity with investors is not new news \u2013 investors have consistently allocated to the sector since the start of 2020, with just five months of outflows over the period.<\/strong> Cyclical allocations haven\u2019t been isolated to energy, either: industrials saw their first inflow month since April 2021 with $0.5B added in March, while materials recorded their second-highest monthly inflow level ($2.5B), marginally behind the record set in 2013.<\/p>\nThe tech sector ($4.6B) led the way in terms of allocations in March, gathering its largest monthly inflows since November 2021. Healthcare inflows of $2.6B have also reversed February\u2019s outflows of -$1.5B.<\/p>\n
Sustainable looking for momentum<\/strong><\/h6>\nFlows into US and EMEA-listed sustainable ETPs dropped to their lowest level since August 2020 in March,<\/strong> with $5.6B added. This was largely due to a decline in EMEA-listed ETPs flows to $3.4B, while USlisted ETPs saw inflows of $2.2B.<\/p>\nIn EMEA, buying of clean energy ETPs was a relative bright spot, with $1B added \u2013 the highest monthly inflow level since January 2021.<\/strong> Screened strategies were second most popular ($0.8B), with buying led by US exposures. ESG best-in-class (BiC) \u2013 which normally leads sustainable flows \u2013 came third, with equity BiC ETPs registering their first monthly outflows (-$0.8B) since March 2019. In line with broader trends, European equity (-$1.0B) and eurozone equity (-$0.6B) ESG ETPs led outflows, while global exposures were marginally negative, down on their six-monthly average of $0.9B. Investors continued to allocate to fixed income ESG ETPs ($1.4B), with record flows into global exposures ($0.7B), while European ETPs reversed February\u2019s outflows to gather $0.4B.<\/p>\nUS ESG flows returned to positive with $2.2B added, just topping their six-month average of $2B.<\/strong> Equity flows made up the vast majority of inflows with $2B added, led by ESG-optimised strategies ($0.8B). In line with EMEA trends, investors also allocated to US clean energy ETPs.<\/p>\nQuelle: ETFWorld<\/p>\n
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